What is form 15CA 15CB certificate?
This is a form required to report Income tax Department for making any remittance to a Non Residence or a foreign company.
The form is not required where remittance is made by an individual and it do not require RBI approval as per provisos of Sec 5 of RBI Act and if the remittance is of the nature specified in Rule 37BB of Income Tax act."
When is 15ca-15cb required to be filed?
A person making the remittance (a payment) to a Non Resident or a Foreign Company has to submit the form 15CA to the bank and 15CB will only be required for payments made to non-residents, which are taxable and if the payment exceeds Rs. 5 lakhs. This certificate confirms compliance of the Double Tax Avoidance agreement and IT Act.
Penalties for Non-filing of 15ca-15cb
Penalty of Rs.1 lakh for each default of non-filing for forms 15CA/CB will be applicable. An option for withdrawal of Form 15CA shall be available before payment.
Withdrawal of Form 15CA
An option for withdrawal of Form 15CA shall be available before payment. Form 15CA can be withdrawn within 7 days of submission of the online form. The link to withdraw the form will be available on the website of the Assesses concerned.